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Ellie Mae origination report shows uptick in closure rate

New report now includes VA loans

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Ellie Mae’s Origination Insight Report for May 2014 has been revised to include analysis of VA loans — private mortgages which are backed by the Department of Veterans Affairs — and expanded Federal Housing Administration and conventional loan data.

To get a meaningful view of lender pull-through, Ellie Mae reviewed a sampling of loan applications initiated 90 days prior (i.e., the February 2014 applications) to calculate an overall closing rate of 57.8% in May 2014, up from 55% in April 2014.

The full report can be read here.

“Since January, purchase share has increased by at least three percentage points per month, and purchases now represent 66% of all closed loans,” said Jonathan Corr, president and chief operating officer of Ellie Mae. “Purchase share has grown nearly 25 percentage points since May 2013.

Click below to see the graph.

“Average days to close all loans moved back up to 40 in May, after falling below the 40- day mark last month for the first time since we began tracking data in August 2011,” added Corr.

Click below to see the graph.

“From an interest rate perspective, the average 30-year rate fell to 4.53%,its lowest percent since November 2013,” said Corr. “Our expanded coverage of the different loan categories also showed new 2014 lows for conventional (4.669%) and FHA (4.383%) 30-year interest rates.”

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